Mark Cuban Rips NYSE for High-Frequency Trading

Instead of solving the problems of high-frequency trading, the New York Stock Exchange is fostering them as it seeks profits for itself, says billionaire investor Mark Cuban.

“It's really just the NYSE protecting their own,” he tells CNBC. “They're the root of this problem despite the fact that people don't want to admit it.”

High-frequency trading (HFT) triggered the Flash Crash of May 6, 2010, in which the Dow Jones Industrial Average plunged 600 points in five minutes. HFT also nearly led to the demise of Knight Capital Group in August.

They’re just as scared of a crisis like the one that Knight Capital encountered as anyone else is. "It's terrifying," Mark Gorton, CEO of Tower Research Capital, tells The Wall Street Journal. "Everyone's sitting there saying, 'This could happen to me.'"